The trade war between China and the US has shown enough signs of escalation, with the two economic powerhouses employing tit-for-tat tactics for imposing tariffs in the last few months.
China is the largest buyer of US crude and gas in Asia. But its biggest trading house has already stopped buying US crude and Beijing looks set to slap retaliatory tariffs on US crude and LNG. A boycott of US oil indicates Beijing’s continued purchase of Iranian oil, keeping Tehran in play in the global oil market.
The tension between US and China however, may partially blunt the effect of Iransanctions on India’s oil sourcing. Read More
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